# Table 18: Safe vs Non-Safe Issuer Heterogeneity — Income Balance (2015-2024)

| Variable | (1) Non-safe 15-24 | (2) Safe 15-24 | (3) Interaction 15-24 | (4) Non-safe +rate |
|:---|---:|---:|---:|---:|
| Z_1 | 37.5112 | -19.7143 | 17.9780 | 193.1640 |
| | (29.0939) | (25.8117) | (24.3306) | (145.9948) |
| Z_2 | -5.5341 | 1.1889 | -2.9642 | -23.4775 |
| | (4.2258) | (3.5862) | (3.5225) | (18.8674) |
| Z_3 | 0.2256 | 0.0016 | 0.1323 | 0.8170 |
| | (0.1684) | (0.1406) | (0.1400) | (0.6806) |
| fiscal_bal_gdp | 0.1666*** | 0.0116 | 0.1224*** | -0.1450 |
| | (0.0518) | (0.0428) | (0.0416) | (0.2282) |
| nfa_gdp_lag | 0.2431 | 1.9212*** | 0.4462 | 1.8875** |
| | (0.4536) | (0.4572) | (0.3744) | (0.9101) |
| log_rel_opw | -4.5639*** | -5.9257** | -4.4314*** | -13.6260*** |
| | (0.9399) | (2.6505) | (0.8539) | (2.5513) |
| kaopen | 0.1180 | -0.1043 | 0.1184 | 0.9971 |
| | (0.3806) | (2.6012) | (0.3496) | (1.3525) |
| safe_issuer | | | -0.8567 | |
| | | | (1.1900) | |
| Z_1_x_safe | | | 0.4076 | |
| | | | (0.9764) | |
| real_bond_10y | | | | -0.0414 |
| | | | | (0.2215) |
|:---|---:|---:|---:|---:|
| Dep var | income_balance_gdp | income_balance_gdp | income_balance_gdp | income_balance_gdp |
| N | 604 | 119 | 723 | 33 |
| R² | 0.1709 | 0.6338 | 0.2055 | 0.9506 |
| Countries | 124 | 26 | 146 | 8 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*